NGEx Announces Closing of Spin-out of Valiente Resources; Valiente Receives Final Approval to List on the TSXV with Trading to Commence November 16, 2026

NGEx Minerals Ltd. (NGEX) has finalized the spin-out of its Valle Ancho Project into a new entity, Valiente Resources Inc., through a statutory plan of arrangement. The transaction became effective on November 12, 2026, at 12:01 a.m. Vancouver time.

Under the terms of the arrangement, shareholders receive one new NGEx share and one-fifth of a Valiente share for each existing NGEx share held, resulting in no change in proportional holdings in NGEx. Valiente Resources has received final approval from the TSX Venture Exchange for listing, with trading set to commence on November 16, 2026, under the ticker "VALX".

NGEx retains its Lunahuasi and Los Helados projects. Outstanding stock options have been adjusted and exchanged for replacement NGEx options and fully-vested Valiente options, with exercise prices recalibrated for relative value. Administrative mechanics for registered and beneficial shareholders, including CDS & Co. holders, have been outlined for share delivery.

NGEx Minerals Ltd. (NGEX) has completed the closing of the Valiente spin-out, marking the final administrative step of a corporate restructuring announced in August 2026. The restructuring was approved by shareholders in October and received court approval in early November. This procedural milestone finalizes the separation of the Valle Ancho asset, with the market having already priced in the structural change as evidenced by the stock's trading range and explicit guidance in prior releases regarding the November closing.

Financially, NGEx maintains a robust balance sheet featuring $89.9 million in cash, $112.1 million in short-term investments, and a $257.5 million mark-to-market investment in LunR Royalties Corp. The company reported a Q3 2026 net loss of $16.1 million, reflecting ongoing exploration expenditures that are expected to continue as the company advances Phase 5 drilling at Lunahuasi. The spin-out does not alter NGEx's immediate capital requirements or operational focus, as the company retains its advanced, high-grade Lunahuasi and Los Helados projects.

NGEx Minerals Ltd. (NGEX) is a pre-revenue mineral exploration company focused on high-grade copper, gold, and silver deposits in South America. Its flagship asset is the 100%-owned Lunahuasi project in San Juan, Argentina. The deposit features multiple high-grade zones, including Mars, Saturn, and Jupiter, with significant copper, gold, and silver intersections. The company is currently advancing resource definition, metallurgical studies, and underground adit development at the site.

In addition to Lunahuasi, NGEx holds interests in other assets, including Los Helados in Chile. At Los Helados, NGEx serves as the majority partner and operator, with Lundin Mining joining as a new minority partner. The company also previously held the Valle Ancho asset, located across Argentina and Chile, which has been spun out to the newly independent Valiente Resources Inc.